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TOKYO Reuters Tokyo stocks fell 3.6 percent on Tuesday, their worst daily drop in three months, after the Bank of Japans emergency moves the day before failed to curb the yens strength and disheartened investors bailed out of the market.

The benchmark Nikkei .N225 shed 325.20 points to 8,824.06, booking its biggest daily percentage fall since a 3.8 percent slide in early June. For the month of August, it fell 7.5 percent, its worst month since May.

The broader Topix .TOPX lost 3 percent to 804.67.

Reporting by Aiko Hayashi; Editing by Edwina Gibbs

WASHINGTON Reuters The U.S. futures regulator issued a final rule late Monday for the retail foreign exchange market, which included relaxing an earlier proposal that would slash leverage available to investors participating in these transactions.

The U.S. Commodity Futures Trading Commission rule put in place requirements for retail foreign exchange products, including registration, disclosure, record keeping, financial reporting and minimum capital standards.

A key change in the rule, which goes into effect on October 18, will allow the National Futures Association to put in place leverage rules as long as they require investors to place a minimum 2 percent security deposit in the case of major currencies and 5 percent of the notional value of the transaction for all other currencies.

The agency said it will periodically review these parameters to determine if they need to be adjusted.

The CFTC earlier proposed limiting leverage for retail customers on forex transactions to a ratio of 10-to-1, which was criticized by dealers, lawmakers in Congress and others who feared it could push investors into overseas markets with less protection.

"These rules of the road will help protect the American public in the largest area of retail fraud that the CFTC oversees: retail foreign exchange," CFTC Chairman Gary Gensler said in a statement.

This marked the first final rule the CFTC has published from the Dodd-Frank financial reform bill that went into effect in July. The CFTC has organized its to-do list into 30 topic areas it must address during the next year.

Reporting by Christopher Doering and Roberta Rampton

WASHINGTON Reuters President Barack Obama said on Monday he and his economic team discussed additional steps to promote economic growth, including looking at tax cuts for businesses.

"My economic team is hard at work in identifying additional measures that could make a difference in both promoting growth and hiring in the short term and increasing our economys competitiveness in the long term," he said in a statement at the White House.

WASHINGTON Reuters Consumer spending rose at the strongest pace in four months in July, supported by a small gain in incomes that offered hope consumers will be able to keep contributing to a modest economic recovery.

Analysts said the 0.4 percent increase in spending reported by the Commerce Department on Monday was a relief after a raft of weak data for July and helped ease fears the economy was sliding back into recession.

"We are still of the opinion that there is a 30 percent chance of a double dip recession, but its definitely not our baseline forecast," said Scott Hoyt, director of consumer economics at Moodys Economy.com in West Chester, Pennsylvania. "When consumer spending is growing its hard to get a double dip."

The increase in spending was a touch above expectations in financial markets for a 0.3 percent rise. Spending, which was flat in June, was supported by a 0.2 percent gain in incomes and households dipping into their savings.

But investors worried that stubbornly high unemployment would continue to dampen spending and sold U.S. stocks. Prices for safe-haven government bonds rose, recouping some of Fridays steep losses.

The U.S. dollar fell against the yen as investors saw as inadequate steps by authorities in Tokyo to curb the Japanese currencys rise.

Data so far have suggested the U.S. economys recovery from the longest and deepest recession since the 1930s probably slowed further in the third quarter.

The government on Friday lowered its estimate of second-quarter economic growth to a 1.6 percent annual rate from 2.4 percent, although the figure on consumer spending was revised higher.

A closely watched employment report for August due on Friday is expected to paint yet another a grim picture of the labor market, the Achilles heel of the recovery. According to a Reuters survey, nonfarm payrolls fell 100,000 this month after shrinking 131,000 in July.

JOBS KEY

"The key is jobs. If we get jobs, we will get consumers spending, that will really get the ball rolling," said Hoyt.

Spending adjusted for inflation increased 0.2 percent last month after edging up 0.1 percent in June, the Commerce Department said. Real spending on goods rebounded 0.4 percent, while expenditure on services increased 0.2 percent.

"Consumers are spending, but slowly, and we expect spending growth below 2 percent in the third quarter as a whole," said Julia Coronado, an economist at BNP Paribas in New York.

Wages and salaries rose at a $22 billion annual rate last month, helping fuel the rise in incomes, after shrinking at an $8 billion rate in June.

But real disposable income fell 0.1 percent, the first decline since January.

Although the saving rate slipped to 5.9 percent from 6.2 percent the previous month, analysts said the level still indicated that consumers remained wary of spending.

"The saving rate remains high by the standards of the last 20 years, suggesting that households are intent on paying down debt and putting their finances on a firmer footing," said Paul Dales, a U.S. economist at Capital Economics in Toronto.

"This is clearly good for the economy in the medium-term, but its bad for near-term growth. Overall, the U.S. economy cannot rely on households to lift it out of its current funk."

The report showed the personal consumption expenditures price index, excluding food and energy, was up 1.4 percent in the 12 months to July, unchanged from June. The index is a key inflation measure monitored by the Federal Reserve.

"The sluggish economy and high unemployment should nudge it modestly lower in coming months," said Sal Guatieri, a senior economist with BMO Capital Markets in Toronto. "We see it moving further below the Feds longer-range forecast of 1.7 percent to 2.0 percent, thus paving the way for renewed quantitative easing by year-end."

Fed Chairman Ben Bernanke said on Friday that the U.S. central banks would act to spur the recovery should the outlook deteriorate. He said the Fed could support growth by purchasing more government debt or by promising to keep rates exceptionally low for a longer period than currently priced in by financial markets.

Editing by Andrea Ricci

NEW DELHI Reuters BlackBerry maker Research in Motion will give the Indian government access to encrypted data from September 1, while the Indian home ministry wants BlackBerry, Google and Skype to set up servers in India, a government source familiar with the matter said Monday.

India says it wants to fully track and read BlackBerrys secure email and instant messaging services that officials fear could be misused by militants.

Indian officials have also expressed concerns over security threats emerging from Internet-based messaging services from providers like Google and Skype.

"They have given some access, which we will operationalize from September 1," the person said, referring to RIM.

"They will have to provide full access to all communications that go through India. They will have to set up a server in India," the person said.

Reporting by Bappa Majumdar and Devidutta Tripathy; Editing by Surojit Gupta and Jui Chakravorty

NEW YORK Reuters Hewlett-Packard Cos HPQ.N said on Monday its board approved to buy back an additional $10 billion in shares to manage dilution created by shares issued under other plans.

HP interim CEO Cathie Lesjak said in a statement HP plans to repurchase at least $3 billion worth of shares in the fiscal fourth quarter.

As of the end of July, HP had repurchased about $2.6 billion of its shares in its fiscal third quarter as part of an $8 billion repurchase plan approved in November 2009. Under that authorization, HP has approximately $4.9 billion remaining to buy back its stock.

Shares of HP rose 2.7 percent to $39.01 in premarket trade after the announcement.

Reporting by Jennifer Saba, editing by Gerald E. McCormick

WASHINGTON Reuters Consumer spending rose at the strongest pace in four months in July, supported by a small gain in incomes that offered hope consumers will be able to keep contributing to a modest recovery.

The Commerce Department said on Monday spending increased 0.4 percent, the largest gain since March, after being unchanged in June. Analysts polled by Reuters had expected consumer spending to rise 0.3 percent.

"On the real wage side, you had a good bump thats a sign that income is recovering from the recession. On the spending side, the quarter is off to a solid start," said John Canally, an economist at LPL Financial in Boston.

U.S. stock index futures edged up after the data and Treasury debt prices were steady at higher levels. The U.S. dollar showed losses against the yen but rose against the euro.

The income and spending report was a relief after a raft of weak data for July that had fueled fears economic growth might continue to slow during in the third quarter.

The government on Friday lowered second-quarter gross domestic product growth estimates to a 1.6 percent annual rate from 2.4 percent.

Consumer spending, which normally accounts for 70 percent of U.S. economic activity, is being dampened by stubbornly high unemployment. Fridays GDP report showed spending increased at a 2.0 percent rate in the second quarter, up from an earlier estimate of 1.6 percent.

The Commerce Department said spending adjusted for inflation increased 0.2 percent last month after edging up 0.1 percent in June. Real spending on goods rebounded 0.4 percent, while expenditure on services increased 0.2 percent.

Personal income increased 0.2 percent last month after being unchanged in June. Markets had expected income to rise 0.3 percent in July.

Wages and salaries rose at a $22 billion annual rate during July after shrinking at an $8 billion rate in June.

But real disposable income fell 0.1 percent, the first decline since January, following Junes 0.1 percent gain.

The savings rate slipped to 5.9 percent from 6.2 percent the previous month. Savings fell to an annual rate of $673.4 billion.

Inflation did not appear to be a problem.

The report showed the personal consumption expenditures price index, excluding food and energy, was up 1.4 percent in the 12 months to July, unchanged from June. The index is a key inflation measure monitored by the Federal Reserve.

Reporting by Lucia Mutikani; Additional reporting by Richard Leong in New York; Editing by Andrea Ricci

PARIS Reuters Pressure mounted on Genzyme as its shares rose 6 percent in Frankfurt a day after French drugmaker Sanofi made public its month-old proposal to buy the U.S. biotech group for $18.5 billion.

Sanofi Chief Executive Chris Viehbacher confirmed his proposal to pay $69 per share in cash for Genzyme on Sunday, hinting he could make a hostile takeover bid following several unsuccessful attempts to hold talks with Genzyme management.

The French group stopped short of making a direct approach to Genzyme shareholders, however, and Viehbacher sounded a conciliatory tone in an interview with Les Echos newspaper that nonetheless suggested there was a limit to his patience.

"We want to show that we are determined and serious, without being threatening straightaway. Quite some time can go by yet," Viehbacher -- dubbed the "Smiling Killer" by some staff for his cost-cutting zeal -- he said in the interview.

Genzyme shares were up 4.3 percent at 54.71 euros $69.60 in Frankfurt trading by 0925 GMT as investors waited for Genzyme to respond to Sanofis proposal.

Sanofi Aventis shares were up 1.2 percent at 45.81 euros. Sanofi is due to hold a call with analysts at 1230 GMT.

Viehbacher said on Sunday that disclosing Sanofis non-binding offer would give Genzyme shareholders a chance to see the "significant shareholder value and compelling strategic fit inherent in a combination of the two companies."

Some analysts suggested Genzyme, which is trying to fix manufacturing problems that led to shortages of two of its top drugs and hit its stock price over the past year, may not get a better offer.

"Sanofi realizes these guys are in a corner and are thinking why should they pay over the odds?," said Navid Malik, an analyst at Matrix Corporate Capital in London.

"Weve not seen any white knights and if this offer doesnt go through well see the shares back well below $60. I dont think there is a white knight out there. I think this is the only offer Genzyme shareholders will see."

Sources previously told Reuters that Genzyme wants an offer of at least $75 per share before Sanofi could review its private financial records. Some shareholders want as much as $80 a share to clinch a deal.

However, Sanofis top two shareholders -- cosmetics group LOreal and oil company Total SA -- worry that the company might pay too much for Genzyme and are not convinced it is the best fit, bankers said last week.

Genzyme stock closed on Friday at $67.62, having jumped from around $54 before news of Sanofis interest surfaced.

Analysts have said they expect a deal to be finalized in the range of $74 to $77 a share. If Sanofi walks away, analysts see shares of Genzyme falling to the low $50-range. Some say it could take at least a year for them to rebuild the lost value.

Genzyme is the worlds dominant supplier of drugs to treat Gaucher and Fabry disease -- rare, inherited disorders in which patients lack key enzymes for breaking down fats.

News of Sanofis initial approach emerged late in July and the drugmaker sent a written expression of interest on July 29.

Sanofi said Genzyme rebuffed the offer on August 11, but after some persuasion agreed to a meeting of financial advisers on August 24.

$1=.7861 Euro

Additional reporting by Ben Hirschler in Stockholm

Reporting by Nina Sovich; Editing by James Regan and Michael Shields

PARIS Reuters Stock index futures pointed to a higher open on Wall Street on Monday, with futures for the S&P 500 up 0.17 percent, Dow Jones futures up 0.09 percent and Nasdaq 100 futures up 0.27 percent.

M&A activity will be in focus on Monday, after Frances Sanofi-Aventis SASY.PA publicly disclosed its proposed $18.5 billion, $69 per share cash indicated offer for Genzyme Corp GENZ.O in a bid to rouse shareholders after failing to engage the U.S. biotechnology company in merger talks. Sanofi said it is considering all options to complete the transaction, hinting it would consider a hostile takeover bid.

Shares of Genzyme traded in Frankfurt GENZ.F were up 5.9 percent.

German chipmaker Infineon IFXGn.DE has agreed to sell its wireless unit to Intel INTC.O for $1.4 billion, enabling the U.S. chipmaker to boost its presence in the smartphone market.

Dell Inc DELL.O said on Sunday it was assessing its bid for 3PAR Inc PAR.N after the data storage companys board of directors late on Friday said Hewlett-Packard Cos HPQ.N $2 billion offer was a "superior proposal."

Oil stayed near an eight-day high above $75 on Monday as sustained momentum from Federal Reserve Chairman Ben Bernankes speech last week boosted Asian stock markets.

Japans Nikkei average pared gains to close near its days lows on Monday after rising more than 3 percent at one point, with investors disappointed by a Bank of Japan decision that contained no surprises and was seen as lackluster at best.

European stocks were up 0.3 percent in morning trade, gaining ground for the third consecutive session and tracking gains in Asian stocks and commodity prices on recovering risk appetite in the wake of Bernankes comments.

On the macro front, investors awaited July personal income and consumption data as well as the core PCE data, all due at 1230 GMT 8:30 a.m. EDT.

Stocks rebounded to post their best gains in nearly four weeks on Friday, overcoming initial skittishness brought on by a revenue warning from Intel and dour comments from Federal Reserve Chairman Ben Bernanke.

The Dow Jones industrial average .DJI gained 164.84 points, or 1.65 percent, to 10,150.65. The Standard & Poors 500 Index .SPX jumped 17.37 points, or 1.66 percent, to 1,064.59. The Nasdaq Composite Index .IXIC climbed 34.94 points, or 1.65 percent, to 2,153.63.

Reporting by Blaise Robinson; Editing by Mike Nesbit

SYDNEY Reuters Canadas Agrium Inc said it would be interested in Potash Corps nitrogen and phosphates business, worth an estimated $12 billion, if miner BHP Billiton secures its $39 billion Potash takeover and decides to sell the assets.

Agrium Chief Executive Mike Wilson said on Monday his fertilizer and agricultural company was strong financially and would look at any assets up for grabs. His comments came after BHP told analysts it could look to divest Potashs nitrogen and phosphates operations.

"We are a global company that produce 8 million metric tonnes of nitrogen, phosphate and potash and markets 16 million so any assets that came on the market that fits with us we would certainly look at," Wilson told Reuters in an interview.

Wilson was in Australia to finalize his companys $1 billion takeover of local wheat exporter AWB Ltd.

BHP Billiton is chasing Potash Corp to become the worlds largest potash supplier, with nearly a quarter of the global market. Potash Corp formally rejected the offer last week and BHP now has to woo the Canadian companys shareholders.

With its takeover offer -- the largest in any industry this year -- BHP aims to vault to the top of a rebounding fertilizer industry, as the economies and populations of Asian powerhouses like China and India rapidly expand, lifting demand for crop nutrients.

BHP has lined up $45 billion in debt for the bid, and Chief Executive Marius Kloppers has said it does not need to sell any assets to help fund the deal.

But the prospect of recouping some of the outlay through divestments could be appealing for investors worried about BHP moving into a new and untested sector for the company.

"BHP said that 70 percent of the value is in the potash assets and that over time it would probably look to possibly divest the nitrogen and perhaps the phosphates business," Soleil Securities analyst Mark Gulley said in a note to clients after a conference call last week.

Analysts estimate Potash Corps phosphates business is worth around $7 billion and its nitrogen business is worth abut $5 billion, each ranked third or fourth in their industries.

The conference call was led by BHPs chief commercial officer, Alberto Calderon, who is also head of mergers and acquisitions.

FINANCIAL FLEXIBILITY

Agriums Wilson said his company had plenty of financial flexibility for future growth.

He added it was logical for BHP to stay in Canpotex, the North American potash marketing consortium that also includes Mosaic Co and Potash Corp, if its bid was successful. Agrium is a one-third partner in Canpotex.

"Canpotex is a very, very strong joint venture when it comes to global marketing and distribution and I can see huge value for BHP," said Wilson.

"Whether it is logical for them to stay in it will be their decision obviously, but it is one of the strongest marketing organizations I have ever worked with."

Kloppers has said that in the long run BHP would like to market Potash Corps production independently, but last week sought to ease concerns BHP would pull out of Canpotex, saying it would only change Canpotex if other stakeholders wanted to.

Kloppers and Calderon are in North America this week to brief BHP shareholders, many of whom are also Potash Corp stakeholders, on the bid and the groups half-year results, its richest in two years.

BHP has played down the chances of raising its offer, saying it timed its bid to ensure that potential rivals, like Rio Tinto and Brazils Vale, were not in a position to raise the stakes.

"There is only one offer on the table, so why would we compete against ourselves?" Chief Financial Officer Alex Vanselow said in an interview on Australian television on Sunday. Potash Corp shares closed on Friday at $147.73, 14 percent above BHPs offer, indicating investors expect BHP to raise its offer or another bidder to enter the fray.

BHP shares closed 1.5 percent firmer at A$37.87 in Sydney on Monday. The broader market was up 1.9 percent.

The current bid is not subject to a vote of BHPs shareholders. But under UK listing rules, if it sweetens the offer to be worth at least 25 percent of BHPs market value at the time, then it would need its own shareholders approval.

Additional reporting by Ed Davies and Sonali Paul; Writing by Michael Smith; Editing by Lincoln Feast

TOKYO Reuters Japans Nikkei average pared gains to close near its days lows on Monday after rising more than 3 percent at one point, with investors disappointed by a Bank of Japan decision that contained no surprises and was seen as lackluster at best.

At an emergency meeting, the BOJ expanded its fund supply tool, saving more aggressive steps for when there is clearer evidence of a slowdown in a fragile economy hit by a strong yen.

But analysts questioned whether the central banks action would do much to help to stem a rise in the Japanese currency that hurts exports and may delay Japans exit from deflation, noting that most of the steps it took had already been widely expected.

"This is better than nothing, but still disappointing. Theres little content in this message," said Nagayuki Yamagishi, a strategist at Mitsubishi UFJ Morgan Stanley Securities.

"Certainly theres some thinking that the BOJ wants to save its stronger measures for later, but if you look at what the yen and stock market have been doing lately I wonder if this is really such a good decision. Things are already tough."

In thin trade, the Nikkei ended up 1.8 percent or 158.20 points to 9,149.26. It rose more than 3 percent or as far as 9,280.70, roughly 300 points, on short-covering before the results of the BOJ meeting came out during the midday recess.

The broader Topix rose 1.2 percent to 829.21, also off earlier highs.

Despite the Nikkeis rise over the past two trading days, which has taken it up 2.7 percent, market players said sentiment remained fragile in the absence of bolder BOJ moves and that levels around 8,800 could be tested soon.

"Theres a lot of economic data coming out this week and next, particularly the U.S. non-farm payrolls figures on Friday, and I think the Nikkei might test lows again late this week or early next week," Yamagishi added.

Below 8,800, the next target is 8,697, a 61.8 percent retracement of the rally between the Nikkeis March 2009 low and April 2010 high.

The dollar hit a 15-year low of 83.58 yen last week, when the Nikkei fell to a 16-month low of 8,807.41. The greenback was trading at 85.15 yen by the afternoon, down 0.1 percent.

Tokyo shares got their initial upward impetus from gains made by U.S. stocks on Friday on strong buying interest at a key technical level and short-covering.

Also helping was a less gloomy revision for U.S. GDP than expected. Second-quarter gross domestic product growth was revised down to 1.6 percent, from 2.4 percent. Many economists had forecast an even bigger downward revision to 1.4 percent growth.

EXPORTERS, TRADERS

Exporters held onto gains, although they were off earlier highs.

Canon Inc rose 2.4 percent to 3,585 yen and Kyocera Corp climbed 2.6 percent to 7,440 yen. Honda Motor Co advanced 1.6 percent to 2,855 yen.

Amid broad-based buying, trading houses rose, with one analyst saying foreign investors were buying commodities-related shares during the morning session.

"Foreign investors seem to be buying commodity-related stocks such as trading houses because some have already started to expect to see more liquidity in markets due to speculation for monetary easing both in Japan and the United States," said Hiroaki Kuramochi, chief equity marketing officer at Tokai Tokyo Securities.

Mitsubishi Corp rose 1.6 percent to 1,859 yen and Mitsui Co added 1.1 percent to 1,139 yen.

Kyowa Hakko Kirin rose 2.6 percent to 878 yen, continuing to extend gains after Mizuho Securities lifted its rating on the stock to "outperform" from "neutral" on August 26, saying the stock had fallen excessively despite a solid earnings outlook.

Some 1.55 billion shares changed hands on the Tokyo exchanges first section. Advancing stocks outnumbered declining ones by more than 9 to 1.

Reporting by Elaine Lies; Editing by Edwina Gibbs

TOKYO Reuters The Bank of Japan buckled under government pressure and eased monetary policy at an emergency meeting on Monday in an effort to curb a rise in the yen that is threatening a fragile economic recovery.

The yen bounced back to day highs after the central bank expanded a scheme supplying cheap fixed-rate loans to banks, a move seen by investors as a symbolic gesture that will do little to halt a climb in the currency that hurts exports and may prolong deflation.

"Todays move is not a bold move," said Simon Wong, regional economist at Standard Chartered Bank in Hong Kong. "If the yen continues to appreciate, say it appreciates beyond the 80 level, that could trigger more direct intervention at some point."

The decision follows weeks of efforts by Tokyos policymakers to talk down the yen, signaling the possibility of intervening in the market after the Japanese currency hit a 15-year high of 83.58 yen against the dollar last week.

The government had heightened pressure on the BOJ to do its part, but analysts said the ball would now be back in the governments court. "They dont really have any other policy tools they are prepared to use, so that might make it more necessary to have intervention if the yen goes," said Richard Jerram, chief economist at Macquarie Securities Japan Limited.

The central bank said that by increasing the volume and duration of funds made available to banks it aimed to lower money market interest rates -- something that in the past also helped ease the upward pressure on the yen.

Although Japanese nominal interest rates are at rock bottom, deflation has boosted real rates, deterring investment and driving up the yen as overseas investors seek real yields that are higher than those in other major economies.

PM KAN KEEN TO LOOK ACTIVE

Market players were disappointed that the BOJ had stopped short of more aggressive moves such as increasing Japanese government bond JGB purchases or cutting its overnight rate call target.

BOJ Governor Masaaki Shirakawa told a news conference that the current level of JGB buying was appropriate, but that the central bank would not rule out any policy options.

The yens rebound pulled the Nikkei share average off its peaks and helped Japanese government bond futures bounce back from an early plunge.

Prime Minister Naoto Kan, whose Democratic Party swept to power a year ago but was thrashed in a July upper house poll, is keen to show that he is doing something about the economy ahead of a challenge from powerbroker Ichiro Ozawa in a September 14 party leadership vote that could split the party.

Kan was to meet Shirakawa after the policy board meeting, and cabinet ministers were to decide the basic thrust of additional measures to help the slowing economy at a meeting later in the day.

"The governments fiscal policy and the BOJs monetary policy should be in sync to send a strong message," Trade Minister Masayuki Naoshima told reporters.

But Japans huge public debt, now twice the size of the economy, limits Tokyos options, and the government is expected to propose shifting funds around rather than announce new substantial spending.

FLYING SOLO?

Japan will likely need to intervene alone if it were to step in to curb yen gains, as its Group of Seven counterparts, happy with the benefits to exports from their weak currencies, are in no mood for coordinated intervention.

Solo currency intervention, however, will not have much effect in weakening the yen unless joined by aggressive monetary easing by the BOJ, traders say.

In Mondays move, the central bank increased the volume of money available to banks under its fixed-rate fund supply operation to 30 trillion yen $351 billion from 20 trillion yen.

It also put in place a six-month fund operation in addition to the three-month loan programme already in place.

Of the 30 trillion yen, 10 trillion yen will be the six-month fund operation, BOJ said. The decision was by an 8-1 vote, with board member Miyako Suda dissenting.

The central bank, as widely expected, maintained its overnight core rate target at 0.1 percent by a unanimous vote.

The BOJ launched the funding scheme, which offers loans at 0.1 percent, in December. That failed to boost bank lending but helped to push the yen further away from a November high.

The BOJ last eased monetary policy in March, when it doubled the size of the fixed-rate fund supply tool to 20 trillion yen.

$1=85.37 Yen

Writing by Leika Kihara and Linda Sieg; additional reporting by Tetsushi Kajimoto; Editing by Edmund Klamann and Tomasz Janowski